topic Re: .Re: Auto Credit score in General Credit Topics

Auto Credit score

Jtowner — Fri, 25 Mar 2011 23:40:57 GMT

I have read that the auot industry have developed their own credit score. Has anyone heard of this and how do you find out which car dealers use this score?

Re: Auto Credit score

Anonymous — Fri, 25 Mar 2011 23:48:20 GMT

I know they can use an Auto Enhanced FICO score. Is that what you are referring to?

.Re: Auto Credit score

Jtowner — Sat, 26 Mar 2011 06:31:49 GMT

Yes. Thats the one i am referring too. I was wondering how i can figure out what mines is? I have payed off one car and never missed a payment and i financed another one and have had it for 2 1/2 years and never missed a payment. I am thinking it should be pretty high. But have no idea how to check.

Re: .Re: Auto Credit score

Anonymous — Sat, 26 Mar 2011 13:14:04 GMT

You can't. Only auto dealers have access to these.

Re: .Re: Auto Credit score

JayRizzo — Mon, 04 Apr 2011 11:22:11 GMT

I tried to test this at an "A" and "B" lot... just a test, no purchase.

A lot dealership: They could not disclose any information to me regarding the Auto Credit Score, but assured me that it's very close to the FICO score. My next question was, if it's close to the FICO score, then why is it not disclosed to the consumers that it's not exactly a FICO score but another type of score? I think I ticked off the finance manager, but she said if I'm not going to buy a car then have a nice day and see my way out.

B lot dealership, "Crazy Carl's": Told me it's their internal proprietory scoring system based solely on automobiles I've financed in the past. When asked about FICO scores, I was again assured it's very close to FICO. Same question about disclosing which is which. Crazy Carl said, "Heck, I'm just a 2-cent corner store car lot trying to play by the rules the big boys run." Well, at least he was honest!!! Crazy Carl also said it doesn't really care about credit cards, medical bills, gym memberships like FICO scores, but he don't know the details of all that -- again, just trying to sell a couple cars a month to make it by.

Re: .Re: Auto Credit score

Anonymous — Mon, 04 Apr 2011 13:12:15 GMT

I know my Auto Enhanced FICO scores were much lower than my normal FICO scores.

The dealers I went to never had a problem revealing what type of score they used. They told me they weren't "allowed" to show me my score but one did anyway.

Re: .Re: Auto Credit score

JayRizzo — Tue, 05 Apr 2011 03:54:57 GMT

You know what? That's the kind of stuff that burns me up!!! Dealers can't show you anything but they Live and Breathe by it. I think it's another way of milking more money out of potential buyers with a scare tactic of... the score isn't quite good enough (sounds like another topic thread we were on) -- just to get the customer to fork over a larger downpayment to seal the deal and STILL at unreasonable interest rates with their buddies (lenders who do business with them quite often).

Re: .Re: Auto Credit score

bvick27 — Tue, 05 Apr 2011 06:09:44 GMT

I just purchased a car and my dealer came up and handed me a printout of my fico scores that they pulled. I think it may just be some dealerships tactics not to disclose scores.

Re: .Re: Auto Credit score

Anonymous — Tue, 05 Apr 2011 17:22:58 GMT

@bvick27 wrote:
I just purchased a car and my dealer came up and handed me a printout of my fico scores that they pulled. I think it may just be some dealerships tactics not to disclose scores.

DH was given his FICO auto-enhanced score by the CU when they pulled it. They didn't offer it, but were more than happy to give it when asked.

Re: .Re: Auto Credit score

Anonymous — Fri, 08 Apr 2011 13:04:25 GMT

Hmmm...

My car salesman showed me my credit score and it was OVER 800 and I thought I was the man.

Now you're telling me that this credit score is inflated over regular credit scores? Dang...

Re: .Re: Auto Credit score

Anonymous — Fri, 08 Apr 2011 13:29:04 GMT

@Anonymous wrote:
Hmmm...

My car salesman showed me my credit score and it was OVER 800 and I thought I was the man.

Now you're telling me that this credit score is inflated over regular credit scores? Dang...

My understanding is that an auto-enhanced FICO score may be higher or lower than your standard FICO score, depending. It weights your past behavior with auto accounts more heavily.

Re: .Re: Auto Credit score

Anonymous — Fri, 08 Apr 2011 13:31:37 GMT

@Anonymous wrote:
Hmmm...

My car salesman showed me my credit score and it was OVER 800 and I thought I was the man.

Now you're telling me that this credit score is inflated over regular credit scores? Dang...

An Auto Enhanced score is weighted more toward auto loan history.

Re: .Re: Auto Credit score

Anonymous — Fri, 08 Apr 2011 13:34:00 GMT

Do cars that you've owned, but never financed, count towards this credit report?

Reason I ask is because I used to own a beater that I paid cash for, and sometimes to verify my identity, credit reporting sites ask me what car I've owned before...

If not, then I guess I can legitimately say I had a credit score of 800 before since that was the first time I ever financed a car.

I know BMW and Mercedes are really strict, and rarely will let you finance a car if you've never done it before, no matter how good your credit score.

Re: .Re: Auto Credit score

llecs — Fri, 08 Apr 2011 13:37:48 GMT

@Anonymous wrote:
Hmmm...

My car salesman showed me my credit score and it was OVER 800 and I thought I was the man.

Now you're telling me that this credit score is inflated over regular credit scores? Dang...

Maybe, maybe not.

Re: Auto Credit score

Anonymous — Fri, 08 Apr 2011 18:22:36 GMT

I read somewhere that is a good idea to call the dealership where you intend to purchase the vehicle and ask them what score they use (FICO,EX, or any other) the dealership pays attention to past auto loans and your payment behavior.

Joselito

Re: Auto Credit score

michaels88369 — Sat, 09 Apr 2011 02:58:37 GMT

I found out what my Auto score is today from my local credit union. They had to re-pull my EX report today when i opened my relationship checking account. The car loan is already reporting from 03/17/2011 when we bought the car. My fico took a hit from 622 down to 602 on Experian. They also showed me my auto score from dealership pre purchase and it was 644 and now its 633 after purchase. So its off by 31 points compaired to my fico score. Anyone know what their auto scores are?